Thank you for your interest in becoming an HFL loan guarantor. Please read the following statement and provide your electronic signature to signify that you agree. Please ask for an explanation if there is anything you don't understand.
- You are being asked to guarantee the Borrower debt. Think carefully before you do so. If the Borrower doesn't pay the debt, you will have to. Be sure you can afford to pay if you have to and that you want to accept this responsibility.
- If the Borrower fails to repay the loan, as agreed, the guarantors are liable jointly and severally. Guarantors may choose to share equally in the responsibility for repaying the loan. However, each guarantor is individually liable for the full amount and you could be called on to repay the total balance due (which might be the full amount of the original loan) with assistance from the other Guarantor (if applicable). You may also be required to pay collection costs (attorney fees, court costs, etc.) which would increase the amount due.
- The Hebrew Free Loan Association of Greater Washington can use the same collection methods against you that can be used against the Borrower, including but not limited to bringing a lawsuit against you in order to seek repayment of all monies due and owing, to get a judgment again you for the balance due and oweing and engage in any post judgment proceedings to enforce any judgment entered against you, including the garnishment of wages where applicable.
- If this debt is ever in default, the fact may become part of your credit record.
- This application is not the contract that makes you liable for the debt.